What taxes do I have to pay if I want to gift my son my land? 4 Answers as of January 28, 2011

I'm planning on giving my son some land to built a house on. Is there taxes to be paid on the giving of some land?

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Meyer & Yee, LLP
Meyer & Yee, LLP | Kent W. Meyer
Only possible gift tax. Your son will not have any tax. The first 13,000 (26000 if married) of fair market value is excluded. If the land is more than that you have a lifetime exclusion of an additional 1,000,000 dollars. So probably you would owe no gift taxes.
Answer Applies to: California
Replied: 1/28/2011
LT Pepper Law
LT Pepper Law | Luke T. Pepper
Anything over 13 thousand would be considered taxable. So if the value of the land is greater than 13 thousand the excess is taxable.
Answer Applies to: Pennsylvania
Replied: 1/28/2011
Givner & Kaye
Givner & Kaye | Bruce Givner
If the value is less than $13,000, then you need not report it. If the value is more than $13,000 you must report it. If the value is less than $5,000,000 there is no tax. It is more involved than that, especially if you wish to do some planning to minimize the gift.
Answer Applies to: California
Replied: 1/27/2011
Steven J. Fromm
Steven J. Fromm | Steven J. Fromm & Associates, P.C.
The recipient of a gift does not pay income tax on the item received. The donor (person who makes the gift) can be subject to gift tax or use up some of his lifetime gift and estate tax exemption (now $5 million). There is some gift tax planning considerations that need to be considered. For example, you want to utilize, if possible, your annual donee exclusion of $13,000 and the spousal joinder that can double this amount. to be taken into account. In addition, you may need to file a Form 709, gift tax return, and have a qualified appraisal by a qualified appraiser attached to this return. You need to get with an estate planning attorney before you do anything to avoid making legal and tax mistakes.
Answer Applies to: Pennsylvania
Replied: 1/27/2011
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